Weekly Web3 Research | XRP Driving Crypto Market to Soar, Multichain Paralyzed Due to the Arrest of Its Founder

2023-07-21, 03:04

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![](https://gimg2.gateimg.com/image/article/168388743720230512-182447.jpeg)
## Weekly Trend Overview
In the past week, impacted by the <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> growth trend and the ruling of the List of courts of the United States, the top 100 cryptocurrency project has shown a certain growth trend. However, except for a few currencies that have maintained continuous price increases, 80% of the total price of XRP has continued to show a slight downward trend. In the past seven days, the overall price of XRP has increased by about 1 percentage point.

Recently, due to the impact of various events from the SEC and other regulatory authorities and crypto companies, the cryptocurrency market continued the positive information impact of the Ripple case this week after maintaining basic stability. At the beginning of this week, the case continued to show an upward trend last week. However, affected by the news of the arrest of the founder of Multichain, the market soon fell into a standstill and entered a new round of short trading cycles again.

The weekly fluctuations of BTC and ETH are -4.8% and -5.1%, with tokens such as MATIC and LTC experiencing a decline of over 10%. XRP achieved a high daily growth rate of over 90%, with a relatively high increase.

Up to now, the market value of the global cryptocurrency has reached $1.24 trillion, with little overall change in this quarter. The crypto market is still in a relatively stable market cycle, but all kinds of favorable information appear from time to time. It can be predicted that the whole market is in a leading period facing changes.

##Crypto Market
🔥XRP has surged due to the Ripple vs. SEC case, surpassing BTC in trading volume for the first time in many years since its launch. All data indicators on its affiliated platform are showing an upward trend, which may affect multiple crypto market cases currently being involved by the SEC.

🔥UniSat has launched the Ordinals native Swap platform brc20-swap, which allows any user to deploy new trading pairs, increasing liquidity, and brc20-swap is technically compatible with all existing brc-20 variants.

🔥<a href="/price/gnosis-gno" target="_blank" class="blog_inner_link">Gnosis</a> Chain has released a decentralized payment network called Gnosis Pay and a self-custodial debit card called Gnosis Card, which enables Web3 developers to integrate various traditional payment methods such as Visa and ENS systems.

🔥<a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> introduces the cross AMM protocol UniswapX, a new unlicensed, open source (GPL), Dutch auction-based protocol for trading across AMM and other liquidity sources, but is currently in a beta version.

🔥<a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> 2.0 plans to update its governance model and launch an ecological committee. The new governance model will form the "three major governance pillars," focusing on core protocol governance, smart contract governance, and community treasury governance.

🔥Axie has launched the game experience points AXP and game level mechanism Axie Level, further supplementing its in-game level points system.

🔥Layer 2 Linea has launched the main network Alpha version, which allows developers to access the Rollup and ETH bridge UI, as well as RPC endpoints in Infura, MetaMask, and Infura. A standardized token bridge that supports ERC20 tokens will also be launched.

## Regulatory Policies
🔥Multichain is in a paralyzed state due to the arrest of its founder, with varying reactions from all parties. Currently, the incident is still ongoing.

🔥The bipartisan bill regulating the security risks of DeFi and cryptocurrency has been submitted to the US Senate.

🔥The European Banking Authority requires Stablecoin issuers to prepare for the new EU rules on cryptocurrency.

🔥US law enforcement agencies have frozen $60 million in assets from Deltec-related accounts.

## Macro Economy
🔥The Federal Reserve will announce its July interest rate decision in the early morning of July 27th, with a 25% base rate having a certain impact on the global economy and crypto markets.

## Crypto Market Highlights  
⭐️In the past week, the crypto market has remained relatively stable. Although some projects have achieved short-term gains, overall, it is still in a relatively neutral market environment. But the turning point of the Ripple vs. SEC case will have a significant impact, which is conducive to the crypto market quickly emerging from the shadow of SEC-related events in the future.

⭐️The <a href="/price/link-ln" target="_blank" class="blog_inner_link">LINK price</a> has continued to rise in the past week, increasing over 20%. Although it is not as significant as the impact brought by XRP, its trend is worthy of continuous attention in the near future.
![](https://gimg2.gateimg.com/image/article/1689908542111.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/1689908555222.png)
(Data Courtesy Of TradingView)

After experiencing a high and low trend last week, BTC made a small sideways adjustment over the weekend and is currently fluctuating around $30,000. Although the fluctuation is not significant, the trading volume has increased.

BTC has been operating around the box oscillation throughout this week, and there has been no significant change in its overall form. It is still mainly characterized by oscillation, with a rapid rebound and upward trend after dropping to the line of $29,500. Currently, the BTC price is still fluctuating around $30,000.

Based on the situation over the past week, the BTC market fluctuation is not significant, and it still fluctuates around $30,100-$29,800 boxes. Currently, the BTC price is around $30,000.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/1689908566333.png)
(Data Courtesy Of TradingView)

ETH continued the trend of linking with BTC last week, repeating in the $1,800 to $2,000 range. Since reaching the $2,030 level last Thursday, it has been under pressure and has fallen back. The market has continued to form a volatile downward trend, but has not continued to break up, but quickly emerged from the downward trend.

The trend continues to fluctuate within the range, gradually stabilizing in magnitude. Currently, ETH is in the recovery stage and is stabilizing in the $1,880 region.

## Web3 Project Trend
In this week, all seven types of project changes have shown a downward trend, mainly with a small margin. The valuation and trading volume of most industries have shown a negative trend, neither good nor bad. However, through a week of hot spot backtracking, it is evident that although the crypto market is still in a declining stage, there are also hot projects and revenue channels. Each growth point is seeking a driving force environment, so it can be sustained in the short term. The market may show ups and downs for a long period of time in the future.

| Project category  | 7d Change  | Top 3 Gainers | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  -1.1% | MTV, MUU, EMPIRE| The price of Layer-1 tokens still shows a stable upward and downward trend, and the track has not yet emerged from its previous volatile cycle. |
| Layer 2  | 7.8%  | DG, MNT, WETH | Layer-2 This week, due to the application of the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ecosystem and other projects, the overall development of Layer-2 sector is moving towards a healthy growth path. |
| DeFi  | 4.5%  | REP, LEND, HEC | The trend of DeFi has remained stable, achieving some overall growth. Although some projects are still in a state of continuous loss, some projects have performed well, driving the overall track up. |
| NFT  | 2.8%  | DMT, XYZ, PCNT | The NFT sector as a whole is still in a recovery stage, and there is currently a lack of new popular projects, mainly maintaining the previous continuous downward trend. |
| MEME  | 4.9%  | SHARBI,DOKE,KABOSU | MEME coins have shown explosive growth in some projects this week due to marketing driven by top growth projects, but they should continue to fall into a bearish state in the future. |
| LSD  | 2.0% |STMATIC, STNEAR, MATICX |The growth of the LSD sector is still slow, and there has been no significant action by the project teams this week. |
| BRC-20  | 19.3% | DRAC, PIZA, BSV|  Due to the implementation of many BRC-20 projects at the application level this week, the overall increase is relatively high. |

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator: Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>